On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had another tough session and dropped deep into the red. The benchmark index fell 0.9% to 7,890.1 points.
Will the market bounce back from this on Wednesday? Here are five things to watch:
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ASX 200 expected to fall again
The Australian share market looks set to fall again on Wednesday following a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 56 points or 0.7% lower this morning. In late trade in the United States, the Dow Jones is down 0.8%, the S&P 500 is down 0.3%, but the Nasdaq is 0.4% higher.
Oil prices rise
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent session after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.6% to US$66.42 a barrel and the Brent crude oil price is up 0.7% to US$69.75 a barrel. Traders appear to have been buying oil on the belief that it has been oversold.
ASX 200 shares going ex-dividend
A couple more ASX 200 shares will be going ex-dividend on Wednesday and are likely to trade lower. Going ex-dividend are appliance manufacturer Breville Group Ltd (ASX: BRG) and supply chain solutions company Brambles Ltd (ASX: BXB). Breville will be paying eligible shareholders a fully franked 18 cents per share interim dividend later this month on 28 March. Whereas Brambles is rewarding its shareholders with a partially franked 30.3 cents per share interim dividend next month on 10 April.
Gold price rises
It could be a good session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 1% to US$2,927.1 an ounce. Safe haven demand gave the gold price a boost.
Suncorp rated as a buy
Suncorp Group Ltd (ASX: SUN) shares are in the buy zone according to analysts at Goldman Sachs. This morning, the broker has reaffirmed its buy rating and $24.67 price target on the insurance giant's shares. The broker highlights that "The full extent of ex TC Alfred was largely avoided noting the system was downgraded to a tropical low before crossing the coast of QLD." As a result, it remains positive on the company.
